ETH 2.0 Vs ETH fork Which Chain do you prefer and Support?

in LeoFinance2 years ago

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The ETH merge is approaching

Like a swiss train that is almost always on schedule the ETH event that marks its transition from POW to POS is slated to happen in September 2022.

What is the ETH Merge ?

According to Ethereum.org and I quote the four main points of the merge
i) Soon, the current Ethereum Mainnet will merge with the
Beacon Chain proof-of-stake system.
ii) This will mark the end of proof-of-work for Ethereum, and
the full transition to proof-of-stake.
iii) This sets the stage for future scaling upgrades
including sharding.
iv) The Merge will reduce Ethereum's energy consumption by
~99.95%.

This event can be a game changer for the crypto ecosystem.
This would transform ETH which consumes a lot of energy currently to a more efficient chain.
It would also create a lot many Defi opportunities.

Not everyone is happy with ETH 2.0

Apparently there have been voices od dissent that support the proof of work mechanism more than proof of stake.
This is due to the fact that a lot of money has been invested overtime in hardware used for ETH mining and the miners who wish to protect their financial interest are opting for a proposal where a fork of the current ETH chain would be done.
This fork would ensure that the code base of the fork creates a new chain that supports and works on the old POW mechanism.

The POW Fork chain idea is getting some support

Recently people of the likes of Justin Sun have said that they would pledge a sum of 1 million ETH to support the new forked ETH
POW chain.
In addition the Sun backed Poloniex exchange wold list the potentially new chain POW token when it gets launched.

Would the New POW fork succeed ?

It remains to be seen what use case emerges for the new POW ETH token beyond supporting the interest of the ETH miners who seem to enjoy a lot of clout.
However for the ETH holders this an unlock some free tokens and potentially some financial gains as has been seen with so many forks of Bitcoin and also the emergence of cois like ETH classic